Day: June 21, 2019

Bitcoin Price Approaches $10K as Total Market Cap Exceeds $300B

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Bitcoin price sets a new 2019 all-time high reaching $9,800. Also, the majority of the top 100 altcoins are in the green zone as the total market cap exceeds $300 billion. The last time when Bitcoin was at $9,820 we were in a bear market. However, the last time before April 2018, was November 2016, and we were in a constantly rising bull market. When looking at 2017 levels, after $9,800, Bitcoin price reached $20,000 in less than a month. Can we expect a similar increase sometime soon? Today Bitcoin…

MetLife’s LumenLab To Pilot a Blockchain automate life insurance claim System

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Insurance provider MetLife’s Asia innovation center LumenLab is teaming up with media firm Singapore Press Holdings (SPH) and insurance cooperative NTUC Income to pilot a blockchain-powered insurance claim system that will automate life insurance claims for the bereaved families. Lifechain, developed by LumenLab, will enable SPH to securely encrypt and share verification data used for obituary placement in the press with NTUC Income to automatically kick-start the incumbents life insurance claim process. In the normal case, the grieving family places the last priority to finding out and filing for a…

France Creates G7 Taskforce to Examine Facebook’s Libra, Crypto Regulation

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A G7 taskforce is being created to examine how central banks can regulate cryptocurrencies such as Facebook’s libra, Reuters reported on June 21. Francois Villeroy de Galhau, the governor of France’s central bank, said: “We want to combine being open to innovation with firmness on regulation. This is in everyone’s interest.” Although Paris has said it is not against Facebook creating a financial instrument, it vehemently opposes libra becoming a sovereign currency. Concerns have been raised over how to ensure cryptocurrencies comply with anti-money laundering laws, consumer protection rules and other regulatory matters. The G7 taskforce is…

Australia Central Bank Argues Bitcoin ‘Unlikely’ To Become Mainstream

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Australia’s central bank said bitcoin (BTC) and cryptocurrencies would remain outside mainstream payments in a dedicated article issued on June 20. Titled ‘Cryptocurrency: Ten Years On,’ the document from the Reserve Bank of Australia (RBA) appears to commemorate the past decade of bitcoin’s existence while admitting zero faith in its future beyond a niche asset. “Despite achieving some name recognition, cryptocurrencies are not widely used for payments,” its abstract summarizes. “This article examines why Bitcoin is unlikely to become a ubiquitous payment method in Australia, and summarises how subsequent cryptocurrencies…

CNBC Host Joe ‘Squawk’ Becomes an Unlikely Hero for Bitcoin

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CNBC’s Joe Kernen claims he is being treated “like a god” on Twitter following a June 19 interview on Squawk Box where he questioned whether Facebook’s libra is a cryptocurrency. In the clip, posted by a bitcoin (BTC) advocate, Kernen said libra “doesn’t excite me at all” and argued that blockchain networks used by major coins add inherent value. Describing the libra, he added: “This is just based on the dollar. I don’t understand it — is it called a cryptocurrency? Well it’s not.” Crypto enthusiasts praised Kernen for his remarks — and said it marked…

QuadrigaCX CEO Faked Crypto Trades in Lavish Excess with Customer Funds

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By CCN Markets: Gerald Cotten, the CEO of the Canadian crypto exchange QuadrigaCX whose death is the reason for $190 million of missing funds and a bankrupt company, had transferred user funds to his personal accounts to use them as security for margin trading, a report by Ernst & Young revealed. After Cotten had died, QuadrigaCX went offline as the company’s CEO had exclusive access to the wallets where the exchange’s funds were held. In April, the Canadian cryptocurrency exchange declared bankruptcy. The Nova Scotia Supreme Court granted Quadriga protection…

EToro Confirms Tokenized Asset Trial on Facebook Libra

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United Kingdom-based trading platform eToro has conducted a successful trial of issuing tokenized assets on Facebook’s Libra protocol. The company confirmed the results in a blog post on June 20. According to a Github repository detailing its activities, eToroX, the firm’s recently-launched innovation and research offshoot, managed to debut its eToken on Libra. eToken is the technology behind eToro’s tokenized assets, with researchers explaining they wished to test Libra’s current capabilities in the first week of its existence. “By exploring Libra’s capabilities, and using Move IR (the intermediary representative layer…

Japan Watchdog Orders Improvements After Fisco Crypto Exchange ‘Violations’

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Cryptocurrency exchange owner Fisco is being forced to improve its business management systems after an investigation by the country’s financial watchdog. According to a release from the Financial Services Agency (FSA), on Feb. 13, the agency visited Fisco – a Japanese investment firm that took over ownership of the hacked Zaif exchange in April – and found that the firm had made a number of “legal violations.” The FSA said it found “problems” with the firm’s business management – for example, the board of directors had not been discussing “important…

Japan Watchdog Orders Improvements After Fisco Crypto Exchange ‘Violations’

boss

Cryptocurrency exchange owner Fisco is being forced to improve its business management systems after an investigation by the country’s financial watchdog. According to a release from the Financial Services Agency (FSA), on Feb. 13, the agency visited Fisco – a Japanese investment firm that took over ownership of the hacked Zaif exchange in April – and found that the firm had made a number of “legal violations.” The FSA said it found “problems” with the firm’s business management – for example, the board of directors had not been discussing “important…

Ripple’s XRP Is Headed for Gigantic Rise of Over x50, Predicts Popular Trader

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XRP price is on the rise of 1.74% and is above the key $0.4250 support area. The price is currently facing a strong resistance near $0.4400 and $0.4420 levels, but a popular trader is sure: XRP will rise 50x in its next bull run. Twitter has always been a place for inspiration but also the place for good advice for investing in crypto. One of the members of Crypto Twitter community, Credible Crypto, predicted that Ripple‘s coin XRP is at the beginning on its way to rise by over 50x…